Loading ...$GOLD – where to next?
What’s in store next for the PMs? First we need to ask what about the Dollar. Will the ascending wedge resolve as a consolidation pattern, or a reversal? We can surmise, but so far the outcome is uncertain. It looks like today’s dollar candlestick might be a doji, or a small shooting star. So temporary reversal? Retreat toward the bottom of the pattern? Negative divergence of the oscillators strongly suggest a dollar reversal. However, nothing is resolved until the dollar makes it intentions known. Watching.
Second, we should ask what’s driving the YEN, and will $YEN find support soon or continue to fall. Of course the Ozzie and the Swiss Franc are important. But $YEN currency moves seem to have a pretty good hold on the gold market. Watching.
Where to next ? Indeed. Oversold gold, overbought dollar. Gold cycle up, dollar cycle down.
It is almost like observing a particle in the Quantum Physics world. When you watch one, it changes the way it behaves.
I’m sticking with you on this one.
USD – Cup n Handle – running correction – appears it wants to move higher, of course, until it doesn’t – for now patterns are all mostly bullish, IMHO
I don’t think so PP – see my post above.